HD Hyundai Nears 200 Shipbuilding Milestone in Vietnam After 15 Years

First Overseas Expansion in Shipbuilding Industry
Over 60 Hyundai Mipo Engineers Stationed Abroad
5,000 Local Workers... New 700-ton Goliath Crane Installed Last Year

Hyundai Vietnam Shipbuilding, a subsidiary of HD Hyundai's shipbuilding division, is on the verge of achieving a cumulative total of 200 vessels ordered, 15 years after securing its first order locally.

Hyundai Vietnam Shipbuilding recently announced on the 14th that it secured orders for two PC vessels (petroleum product carriers) from a shipping company based in Africa, bringing its cumulative vessel orders to 199. Hyundai Vietnam Shipbuilding was established in 1996 as a joint venture between Hyundai Mipo Dockyard and Vietnam Shipbuilding Corporation. Initially engaged in repair and modification business, it transitioned to new shipbuilding in the late 2000s. Starting with the delivery of the 56,000 DWT bulk carrier 'E.R Bergamo' in 2009, it has delivered a total of 157 vessels. This is regarded as the first and most successful case of South Korea's shipbuilding industry expanding overseas.

About 60 engineers dispatched from Hyundai Mipo Dockyard are stationed at Hyundai Vietnam Shipbuilding. The same safety and quality management systems as the parent company are applied to the production process.

Located in Khanh Hoa Province in central Vietnam, Hyundai Vietnam Shipbuilding occupies approximately 992,000 square meters (about 300,000 pyeong) and has one 40 DWT dock (a workshop for building ships), one 100,000 DWT dock, and a 1.4 km quay wall. Last year, a 700-ton Goliath crane was newly installed. The local workforce reaches 5,000 employees. In 2018, it received a government award recognizing exemplary management activities from the Vietnamese government.

Central Vietnam Khanh Hoa Province Hyundai Vietnam Shipbuilding [Photo by HD Hyundai]

Vietnam ranks as the world's 5th largest shipbuilding country with an order backlog of 1.24 million CGT. Hyundai Vietnam Shipbuilding accounts for 74.4% of this. Of the 369,000 CGT of vessels delivered by Vietnam last year, Hyundai Vietnam Shipbuilding delivered 80.5%. This year's sales target is $543.8 million (13 vessels). The plan is to grow to a production system capable of building 20 vessels by 2025.

Lee Jong-chan, CEO of Hyundai Vietnam Shipbuilding, said, "This achievement was possible thanks to the continuous transfer of technical know-how from Hyundai Mipo Dockyard and the high educational enthusiasm and diligence of local workers," adding, "We will continue to contribute steadily to the local community with the mindset of representing South Korea's shipbuilding industry."

This content was produced with the assistance of AI translation services.